|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Ecuador (Click here for more)

Ecuador Announces It Will Leave OPEC in 2020

QUITO – Ecuador, the smallest member of the Organization of Petroleum Exporting Countries (OPEC), will leave the organization on Jan. 1, 2020, the country’s Energy and Non-renewable Natural Resources Ministry announced.

“The decision is based on internal matters and challenges that the country must deal with related to fiscal sustainability,” said the ministry in a statement in which it noted that the move is in accord with the plan of the Lenin Moreno administration to ensure the “reduction of public spending and the generation of new income.”

Ecuador entered OPEC in 1973 and withdrew from the organization in 1992, but then rejoined in 2007.

“The country has always been a constructive member of the Organization and will maintain the links formed with the OPEC countries,” said the ministry, adding that Quito will continue supporting “all the efforts” to seek stability in the world oil market and the efforts by affiliated entities and countries to guarantee equitable access to energy.

In the statement, Ecuador wished OPEC well in continuing the “important work” it has done since 1960 to benefit the oil-producing countries as well as oil-consuming nations.

Ecuador produces 550,000 barrels of oil per day, making it the smallest of the 14 producers in OPEC.

The production cutbacks agreed to by OPEC last year affected the government’s income, which may have been a key factor in the Moreno administration’s decision to withdraw from the cartel.

Oil and tax revenues are the two main sources of income in the Ecuadorian government’s national budget.

The decision was made shortly before the government is to present before the National Assembly a package of economic and labor reforms in response to demands by the International Monetary Fund that Quito reduce its deficit as a precondition for receiving a $4.2 billion credit line.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2020 © All rights reserved